FedDev Ontario invests $4.9M in Flying Colours’ expansion
April 18, 2016 by Manufacturing AUTOMATION
Apr. 18, 2016 – The federal government, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), has announced an investment of up to $4.87 million for an expansion at Flying Colours Corp., a global aviation services company.
Based in Peterborough, Ont., the company retrofits a range of aircrafts and provides customized aircraft interiors, outfitted with the “latest technologies and state-of-the-art electronic equipment.” This repayable contribution, through FedDev Ontario’s Investing in Business Growth and Productivity initiative, is for the construction of a 100,000-sq.ft. hangar at the Peterborough Airport. The company says the new facility will allow it to take on work for larger airplanes and will help address the “increasing global demand for customized aircraft retrofitting.”
“Support from FedDev Ontario will allow Flying Colours Corp. to strengthen our international brand presence within the aviation industry. This project is an expansion of our facilities in Canada, with a major emphasis on innovation, training and standardized processes to compete in a competitive global marketplace,” notes Kate Ahrens, vice-president, Corporate Development, Flying Colours Corp. “This is advantageous for Flying Colours, as it will help accelerate the development of new skills for our Canadian workforce and increase our overall capacity to support additional customer requirements.”
With a total cost of $20.15 million, the project will leverage a $1.2-million investment from the Government of Ontario and more than $14 million from private sector investment. The project is also expected to create up to 50 skilled manufacturing, engineering, management and technical field full-time equivalent jobs.
“Every time a company in Canada expands, invests in new equipment, or hires a new employee, we all benefit. This event is more than funding; it’s about laying the groundwork for the collective prosperity for our whole region,” adds Kim Rudd, parliamentary secretary to Jim Carr, minister of natural resources and Northumberland-Peterborough South MP.